₦airaland Forum

Oil marketers have flooded the domestic market with 283, 577 metric tonnes of imported Premium Motor Spirit, PMS, also known as petrol and other petroleum products.

This was even as the 650,000 Dangote Petroleum Refinery exported 44,000 metric tonnes of diesel to the global market while making preparations to receive 136,124 metric tonnes of imported crude oil for refining, weekend.

However, the imported petrol and other petroleum products were being discharged at the various depots and jetties in Lagos, Port Harcourt and Warri.

The breakdown indicated that A.A Rano took delivery of 15,000 metric tonnes of petrol at the new Oil jetty in Lagos while unnamed company took delivery of 24,000 metric tonnes of the product at Ibafon, according to Petroleum Price NG tanker position.

The tanker position indicated that another unnamed company took delivery of 10,500 metric tonnes of petrol at Menji Oil while Prudent Energy was about to receive 15,000 metric tonnes of PMS at Fatgbems.

Bovas Oil and Emadeb were awaiting clearance to discharge 10,500 metric tonnes of petrol and 20,777 metric tonnes, respectively at their jetties.
The tanker position also indicated that Bovas and A.A. Rano were also preparing to take delivery of 15,000 metric tonnes and 23,000 metric tonnes of petrol at Bovas jetty and A.A Rano jetty, respectively.

A vessel known as St Walga was expected to discharge 15,000 metric tonnes of AYM Shafa’s petrol while Matrix Triumph, another vessel was expected to arrive Matrix jetty with another 15,000 metric tonnes of the product.
Other products being discharged at the jetties included diesel,base oil and fuel oil.

Meanwhile, Dangote Petroleum Refinery exported 44,000 tonnes of diesel to the global market while making preparations to receive 136,124 tonnes of imported crude oil for refining.

While the vessel known as Popi Sazaklis was expected to discharge the crude oil, STI Meraux was “loading ex Dangote Petroleum Refinery.”
Checks by Vanguard, yesterday, indicated that operators look forward to a dynamic domestic market in the coming weeks.

Recently, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and Dangote Petroleum Refinery & Petrochemicals (DPRP) pledged to deepen collaboration aimed at ensuring Nigeria’s energy security and advancing shared prosperity for Nigerians.

This commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Mr. Aliko Dangote, and his delegation to the Group CEO of NNPC Ltd., Mr. Bashir Bayo Ojulari, and members of the company’s Senior Management Team at the NNPC Towers, on Thursday.

Dangote said: “There is no competition between us, we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business and we are also part of NNPC. This is an era of co-operation between the two organizations.”

In his remarks, the GCEO, Mr. Bashir Bayo Ojulari assured Dangote of a mutually beneficial partnership anchored on healthy competition and productive collaboration.

zero8zero:
Is this why Dangote reduced his price?

PressMyButton:
I'm loving this, since President Tinubu opened up the oil sector, it has become a chess game, a price war, call it anything. Remember that Dangote had said on several occasions he has enough fuel to go round, therefore, there's no need for markerters importing fuel. From the article above, you will see where Dangote exported 44,000 tommes of diesel, very sure he also exported petrol and other products as well. Meanwhile, as that was happening, out marketers ignored Dangote to go import their own petrol into the country. For me, I am neither here nor there, I don't want market monopoly, at the same time, I do not want marketers boycotting local refineries to patronize foreign refineries, I do not also want too much pressure on the demand for dollar for fuel Importation. So, I am caught in between.
However, Dangote is a Don, from what I am observing here, he's a badass capitalist that knows his way around the market. He has warned the importers that he has enough to go round but the marketers insisted they will only buy from where it is cheaper as the market is now a free market. Dangote would then wait for them to go place an order abroad and when their petrol is on the sea coming in, Dangote reduces his own price below the landing cost. By the time, the marketers received their products, they are left with no choice than sell it at Dangote's price. They dare not sell above the price of Dangote. With that, the marketers run into losses.
I heard them crying two months ago that the price crashes made them incur losses when Dangote crashed the price after FG renewed the naira for crude deal. My observation so far is that Dangote is still controlling the market price and whenever the marketers decided to buy from abroad, he reduces his own price to punish them.

jmoore:
Economic voodoo.

The removal of petrol subsidy ought to have killed the importation of petrol in Nigeria.

jmoore:
Economic voodoo.

The removal of petrol subsidy ought to have killed the importation of petrol in Nigeria.

rinzaugustine:
Awon audio refineries….lies and propaganda to deceive gullible Agbado supporters will never get anybody anywhere

zero8zero:
Is this why Dangote reduced his price?

PressMyButton:
I'm loving this, since President Tinubu opened up the oil sector, it has become a chess game, a price war, call it anything. Remember that Dangote had said on several occasions he has enough fuel to go round, therefore, there's no need for markerters importing fuel. From the article above, you will see where Dangote exported 44,000 tonnes of diesel, very sure he also exported petrol and other products as well. Meanwhile, as that was happening, the marketers ignored Dangote to go import their own petrol into the country. For me, I am neither here nor there, I don't want market monopoly, at the same time, I do not want marketers boycotting local refineries to patronize foreign refineries, I do not also want too much pressure on the dollar for fuel Importation. So, I am caught in between.
However, Dangote is a Don, from what I am observing here, he's a badass capitalist that knows his way around the market. He has warned the importers that he has enough to go round but the marketers insisted they will only buy from where it is cheaper as the market is now a free market. Dangote would then wait for them to go place an order abroad and when their petrol is on the sea, Dangote reduces his own price below the landing cost. By the time, the marketers received their products, they are left with no choice than sell it at Dangote's price. They dare not sell above the price of Dangote. With that, the marketers run into losses.
I heard them crying two months ago that the price crashes made them incur losses when Dangote again crashed the price after FG renewed the naira for crude deal. My observation so far is that Dangote is still controlling the market price and whenever the marketers decided to buy from abroad, he reduces his own price to punish them.

PressMyButton:
I'm loving this, since President Tinubu opened up the oil sector, it has become a chess game, a price war, call it anything. Remember that Dangote had said on several occasions he has enough fuel to go round, therefore, there's no need for markerters importing fuel. From the article above, you will see where Dangote exported 44,000 tonnes of diesel, very sure he also exported petrol and other products as well. Meanwhile, as that was happening, the marketers ignored Dangote to go import their own petrol into the country. For me, I am neither here nor there, I don't want market monopoly, at the same time, I do not want marketers boycotting local refineries to patronize foreign refineries, I do not also want too much pressure on the dollar for fuel Importation. So, I am caught in between.
However, Dangote is a Don, from what I am observing here, he's a badass capitalist that knows his way around the market. He has warned the importers that he has enough to go round but the marketers insisted they will only buy from where it is cheaper as the market is now a free market. Dangote would then wait for them to go place an order abroad and when their petrol is on the sea, Dangote reduces his own price below the landing cost. By the time, the marketers received their products, they are left with no choice than sell it at Dangote's price. They dare not sell above the price of Dangote. With that, the marketers run into losses.
I heard them crying two months ago that the price crashes made them incur losses when Dangote again crashed the price after FG renewed the naira for crude deal. My observation so far is that Dangote is still controlling the market price and whenever the marketers decided to buy from abroad, he reduces his own price to punish them.

anonimi:
Is this why ebilokan the petroleum minister stole billions for repairing PH and Warri refineries that have failed to produce fuel hence why imports are continuing

PressMyButton:
I'm loving this, since President Tinubu opened up the oil sector, it has become a chess game, a price war, call it anything. Remember that Dangote had said on several occasions he has enough fuel to go round, therefore, there's no need for markerters importing fuel. From the article above, you will see where Dangote exported 44,000 tonnes of diesel, very sure he also exported petrol and other products as well. Meanwhile, as that was happening, the marketers ignored Dangote to go import their own petrol into the country. For me, I am neither here nor there, I don't want market monopoly, at the same time, I do not want marketers boycotting local refineries to patronize foreign refineries, I do not also want too much pressure on the dollar for fuel Importation. So, I am caught in between.
However, Dangote is a Don, from what I am observing here, he's a badass capitalist that knows his way around the market. He has warned the importers that he has enough to go round but the marketers insisted they will only buy from where it is cheaper as the market is now a free market. Dangote would then wait for them to go place an order abroad and when their petrol is on the sea, Dangote reduces his own price below the landing cost. By the time, the marketers received their products, they are left with no choice than sell it at Dangote's price. They dare not sell above the price of Dangote. With that, the marketers run into losses.
I heard them crying two months ago that the price crashes made them incur losses when Dangote again crashed the price after FG renewed the naira for crude deal. My observation so far is that Dangote is still controlling the market price and whenever the marketers decided to buy from abroad, he reduces his own price to punish them.

PressMyButton:
I'm loving this, since President Tinubu opened up the oil sector, it has become a chess game, a price war, call it anything. Remember that Dangote had said on several occasions he has enough fuel to go round, therefore, there's no need for markerters importing fuel. From the article above, you will see where Dangote exported 44,000 tonnes of diesel, very sure he also exported petrol and other products as well. Meanwhile, as that was happening, the marketers ignored Dangote to go import their own petrol into the country. For me, I am neither here nor there, I don't want market monopoly, at the same time, I do not want marketers boycotting local refineries to patronize foreign refineries, I do not also want too much pressure on the dollar for fuel Importation. So, I am caught in between.
However, Dangote is a Don, from what I am observing here, he's a badass capitalist that knows his way around the market. He has warned the importers that he has enough to go round but the marketers insisted they will only buy from where it is cheaper as the market is now a free market. Dangote would then wait for them to go place an order abroad and when their petrol is on the sea, Dangote reduces his own price below the landing cost. By the time, the marketers received their products, they are left with no choice than sell it at Dangote's price. They dare not sell above the price of Dangote. With that, the marketers run into losses.
I heard them crying two months ago that the price crashes made them incur losses when Dangote again crashed the price after FG renewed the naira for crude deal. My observation so far is that Dangote is still controlling the market price and whenever the marketers decided to buy from abroad, he reduces his own price to punish them.

Agbegbaorogboye:
APC is a very corrupt party
How can you have 3 refineries and your marketers are still importing fuel every month as if it is about the end
Why can't Dangote be given enough crude to refine for both local capacity and export
Now if Dangote a private player is being starved of crude, one can imagine what is going on with the NNPC refineries
Las las OBJ was right. Those refineries will never work

PressMyButton:
I'm loving this, since President Tinubu opened up the oil sector, it has become a chess game, a price war, call it anything. Remember that Dangote had said on several occasions he has enough fuel to go round, therefore, there's no need for markerters importing fuel. From the article above, you will see where Dangote exported 44,000 tonnes of diesel, very sure he also exported petrol and other products as well. Meanwhile, as that was happening, the marketers ignored Dangote to go import their own petrol into the country. For me, I am neither here nor there, I don't want market monopoly, at the same time, I do not want marketers boycotting local refineries to patronize foreign refineries, I do not also want too much pressure on the dollar for fuel Importation. So, I am caught in between.
However, Dangote is a Don, from what I am observing here, he's a badass capitalist that knows his way around the market. He has warned the importers that he has enough to go round but the marketers insisted they will only buy from where it is cheaper as the market is now a free market. Dangote would then wait for them to go place an order abroad and when their petrol is on the sea, Dangote reduces his own price below the landing cost. By the time, the marketers received their products, they are left with no choice than sell it at Dangote's price. They dare not sell above the price of Dangote. With that, the marketers run into losses.
I heard them crying two months ago that the price crashes made them incur losses when Dangote again crashed the price after FG renewed the naira for crude deal. My observation so far is that Dangote is still controlling the market price and whenever the marketers decided to buy from abroad, he reduces his own price to punish them.

zero8zero:
Your education is voodoo. Subsidy removal does not automatically stop Importation anywhere in the world, it rather decentralizes the market. Even US still dey import fuel.

chisomkachy:
Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

Borrow2222:
When you talk about a price crash, do you mean the price went back to the normal price it was in 2022? Because the price now is 890, I don't understand the crash you're talking about.